On June 29, 2021, Florida enacted the Florida Uniform Directed Trust Act ("FUDTA") and the Community Property Trust Act ("CPTA"). Florida will now have a more robust law whereby “trust directors” can be granted powers in a...more
The Florida legislature is currently in the advanced stages of enacting legislation that will make critical changes to the Florida Trust Code. The legislation (SB 1070/HB 609) would enact the Florida Uniform Directed Trust...more
On March 25, 2021, Senator Bernie Sanders introduced legislation called “For the 99.5% Act.” This bill is aimed at the fortunes of the top 0.5% of wealthy Americans. ...more
3/26/2021
/ Beneficiaries ,
Estate Planning ,
Estate Tax ,
Estate-Tax Exemption ,
Gift Tax ,
Gift-Tax Exemption ,
Grantor Retained Annuity Trusts (GRATs) ,
Grantor Trusts ,
High Net-Worth ,
Legislative Agendas ,
Proposed Legislation ,
Tax Planning ,
Tax Reform
Florida has long been known as a hot-spot for retirees and snowbirds to move for its sunny weather and beautiful beaches. In recent years, however, since the "SALT Deduction Cap" established by the 2017 Tax Cuts and Jobs Act...more
3/16/2021
/ Domicile ,
Estate Tax ,
Florida ,
Homestead Exemption ,
Income Taxes ,
Inheritance Tax ,
Local Taxes ,
SALT ,
State and Local Government ,
State Taxes ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Planning ,
Tax Reform
In a previous post, we discussed the tax implications for U.S. beneficiaries who receive a distribution from a foreign trust. That discussion assumed that the trust in question was, in fact, a foreign trust for U.S. federal...more
While it is hard to imagine there could be anything advantageous about today's uncertainties and depressed asset values, the following factors, coupled with historically low interest rates...more
8/19/2020
/ Asset Management ,
Asset Valuations ,
Estate Planning ,
Estate Tax ,
Interest Rates ,
Intra-Family Loans ,
Tax Cuts and Jobs Act ,
Tax Planning ,
Transfer of Assets ,
Trump Administration ,
Wealth Management
On April 21, 2020, the U.S. Treasury Department and the Internal Revenue Service released three forms of guidance directed at non-U.S. individuals and non-U.S. businesses affected by travel disruptions arising from the...more
These are interesting times that we live in, to say the least. The outbreak of the coronavirus has dramatically changed the course of day-to-day life, even if only for a temporary period. Quarantines and travel restrictions...more